Property Law - Zusammenfassung FFA U.S. Private Law PDF

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Vokabeln in Property Law SS 2019...

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Property Law Vocabulary

abatement: the removal of a problem which is against public or private policy, or endangers others, including nuisances such as weeds that might catch fire on an otherwise empty lot.

- action to stop nuisance are called abatement - Beseitigung von möglichen Gefahren adverse possession: Way to acquire complete title to land as against all others, including the record owner, through Exclusive, Notorious and Open, Hostile, and Uninterrupted use of the property for the statutory period.

assign/assignment: the act of transferring an interest in property or some right (such as contract benefits) to another. Example: a tenant can assign possessory interest to sub-tenant via sub-lease.

- Nachmiete / Untermiete bailment: the act of placing property in the custody and control of another, usually by agreement in which the holder (bailee) is responsible for the safekeeping and return of the property. Examples: bonds left with the bank, autos parked in a garage, animals lodged with a kennel, or a storage facility (as long as the goods can be moved and are under the control of the custodian).

- Auto im Parkhaus beneficiary: a broad definition for any person or entity (like a charity) who is to receive assets or profits from an estate, a trust, an insurance policy or any instrument in which there is distribution.

concurrent ownership: also sometimes referred to as concurrent estate or co-tenancy describes the various ways in which property is owned by more than one person at a time.

condemnation: Taking of private property for public use, such as building a highway, which raises a duty of just compensation under the due process clause of the constitution. The power to condemn property is known as eminent domain.

- Enteignung 1

contingent remainder: A future estate with some uncertainty - either in the identity of the possessor ("then to my children" leaves uncertainity as to how many children there will be) or if the person will actually take the estate ("to my son, unless he moves away").. future interest/estate: a right to receive either real property or personal property some time in the future, either upon a particular date or upon the occurrence of an event. Typical examples are getting title upon the death of the person having present use (life estate).

conveyance: a generic term for any written document which transfers (conveys) real property or real property interests from one party to another.

deed: the written document which transfers title (ownership) or an interest in real property to another person.

easement: a nonpossessory right to use and/or enter onto the real property of another without possessing it. An easement holder has no right to occupy the land or to exclude others from it. Land affected or "burdened" by an easement is called a "servient estate," while the land or person benefited by the easement is known as the "dominant estate." Generally transferable.

easement by necessity: easement that is granted when two parcels are situated such that the nonowner’s parcel of land is landlocked, allowing the non-owner to pass over the owner’s land in order to gain access to a public road.

easement by implication / prescription: Means of acquiring an easement by the open, continuous, adverse use of the land of another over a statutory period. Necessary elements are similar to adverse possession.

encumbrance: a general term for any legal claim of interest in or lien on a parcel of real property. These include: mortgages, unpaid real property taxes, tax liens, mechanic's liens, easements and water or timber rights.

equitable title: the right to use and enjoy a given property without real, absolute ownership. For example, the beneficiary of trust has equitable title to the property held in trust but actual ownership (legal title) is held by the trustee. 2

fee simple absolute: The most complete property interest known to property law; an estate of infinite duration which can be freely devised or transferred.

fixture: An item of personal property which becomes part of the real estate because it becomes affixed or attached to the real estate.

foreclosure: When a person who takes out a mortgage (the mortgagor) no longer pays the bank (defaults), the process that extinguishes the mortgagor's right to the property, allowing the bank (creditor) to sell the property to payoff (satisfy) the debt.

- Zwangsvollstreckung der Hypothek grant: to transfer real property from a title holder/s (grantor) to another (grantee) with or without payment.

inherit: to receive all or a portion of the estate of an ancestor upon his/her death, usually from a parent or other close relative pursuant to the laws of descent. Adj. inheritable

intangible property: items such as stock in a company which represent value but are not actual, tangible objects.

invitee: a person who comes onto another's property, premises or business establishment upon invitation. Important for determining duty of the landowner.

joint tenancy: A single piece of property (estate) owned by two or more persons whom each have an equal right in the use and enjoyment of the property and including survivorship rights. Creation of a joint tenancy requires the presence of the four unities of title, time, interest, and possession.

judicial sale: a sale of goods by an official appointed by the court and ordered by a court, usually to satisfy a judgment or implement another order of the court. Applies to real property in the foreclosure context.

- Zwangsvollstreckung land contract: a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments. 3

lease: a written agreement in which the owner of property (either real estate or some object like an automobile) allows use of the property for a specified period of time (term) for specific periodic payments (rent), and other terms and conditions. Transferability can be limited by the terms of the lease. leasehold: the real estate which is the subject of a lease (a written rental agreement for an extended period of time). A leasehold interest is what the tenant of a lease has. It’s the right to use property for a period of time

- Gegenstand der Leihe/ Miete ( Auto, Wohnung etc.) legal title: the ownership of property that is legally enforceable in a court of law. True ownership needs legal title, not just equitable title.

license: A right given by the owner of land that permits a person (licensee) to go onto and use the owner's land. It is revocable at will and is not considered to be a property interest.

lein: (also called claim) any official claim or charge against property or funds for payment of a debt or an amount owed for services rendered.

life estate: An interest in property, the duration of which is measured by the lifetime of a person.

marketable title: Title that a reasonably well-informed purchaser would, in exercise of ordinary business prudence, be willing to accept. It need not be perfect, but should be free from reasonable doubt, so that it will not expose the party who holds it to litigation.

mortgage: giving the bank an interest in land of a debtor to the bank in exchange and as security for a loan. The debtor is the mortgagor, the creditor the mortgagee.

- Hypothekenschuld nuisance:

the unreasonable, unwarranted and/or unlawful use of property, which causes

inconvenience or damage to others, either to individuals and/or to the general public. If a nuisance interferes with another person's quiet or peaceful or pleasant use of his/her property, it may be the basis for a lawsuit for damages and/or an injunction ordering the person or entity causing the nuisance to desist (stop) or limit the activity (such as closing down an activity in the evening). 4

partition: A judicial separation of the respective interests in land of joint owners or tenants in common, allowing each to take possession of, enjoy and control his or her separate estate at his or her own pleasure. When partition of the land itself is not feasible, the judge may order a sale of the property and a partition of the proceeds.

prescription: Means of acquiring an easement by the open, continuous, adverse use of the land of another over a statutory period. Necessary elements are similar to adverse possession.

probate: the process of proving a will is valid and thereafter administering the estate of a dead person according to the terms of the will.

quiet title action: a lawsuit to establish a party's title to real property against anyone and everyone, and thus "quiet" any challenges or claims to the title.

quitclaim deed: A deed that conveys only whatever right, title, or interest the grantor has, without making any guarantees regarding the seller’s title to the property. Usually done between family members.

real property: all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property, which may include the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate), the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property.

recording: A means of giving constructive notice of ownership of an interest in land by placing the deed, easement, or evidence of the interest in the public record. Recording of the interest prevents a subsequent purchaser or mortgagee of the land from qualifying as a bona fide purchaser for value without notice, because the instrument recorded would provide at least constructive notice of another's prior ownership or interest in the land. Recording is done at the registrar/recorder of deeds, who keeps the records for the public to inspect. 5

- Grundbuch remainder: The part of an estate in property that is left over when the immediately preceding estate (often a life estate or an estate for years) is terminated, IF it is not a reversionary interest in the original grantor or the grantor's heirs. Example: A life estate to my father and after his death to my daughter. Daughter has a remainder interest.

restrictive covenant: A promise included in an agreement restricting the use of real property or the kind of buildings that may be erected on it. See covenant at law and equitable servitude.

revisionary interest: An interest left over when the immediately preceding estate is terminated, and the interest remains in the grantor (i.e., the person who created the immediately preceding estate in someone else). Example: life estate to my father and upon death back to me.

right to quite enjoyment: the right to enjoy and use premises (particularly a residence) in peace and without interference. Quiet enjoyment is often a condition included in a lease. Thus, if the landlord interferes with quiet enjoyment, he/she may be sued for breach of contract. Disturbance of quiet enjoyment by another can be a "nuisance" for which a lawsuit may be brought to halt the interference or obtain damages for it.

severance: the act of severing a piece of land from a larger tract of land. The severed parcel of land becomes a separate lot (parcel). It can also refer to, in jurisdictions that have the form of coownership, the ending of a joint tenancy by act or event other than death.

servient estate: An estate in land that is subject to use in some way by the owner of another property, the dominant estate. Example = easement. The easement itself is the dominant estate, and the property through which the easement runs the servient estate.

statute of frauds: Rule of law that requires that any contract affecting an interest in real property be in writing to be enforceable.

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sublease: Agreement whereby a tenant grants an interest in the leased premises to the subtenant, where the interest is less than the tenant's entire interest. The original tenant remains primarily liable for the payment of rent.

survivorship: A right whereby a person with an interest in property becomes entitled to the whole property by reason of having survived, or outlived, another person who also had an interest in it.

tangible property: physical articles (things) as distinguished from intangible assets such as rights, patents, copyrights and franchises. Commonly tangible property is called "personalty."

tenancy by the entirety: Ownership of property by a husband and wife together, which requires the four unities of time, title, interest, and possession, and includes a right of survivorship. Can only be terminated via mutual written agreement, divorce, annulment, or death.

tenancy in common: Interest in land held by two or more persons, each having a possessory right to equal use and possession of the land, even if they have unequal shares in the property. No right of survivorship exists, and each tenant's interest may be partitioned, sold, or encumbered.

tenant: a person who occupies real property owned by another based upon an agreement between the person and the landlord/owner, almost always for rental payments.

time of the essence: Language employed in land sale contracts that requires performance (closing/settlement) by the parties on the date specified. Failure to do so is considered a breach. Without such language, the court will allow a reasonable period following the specified date within which to close on the contract.

title:

ownership of real property or personal property, which stands against the right of

anyone else to claim the property. In real property, title is evidenced by a deed, judgment of distribution from an estate or other appropriate document recorded in the public records of the county. Title to personal property is generally shown by possession, particularly when no proof or strong evidence exists showing that the property belongs to another or that it has been stolen or known to be lost by another. 7

title opinion: written opinion of an attorney, based on the attorney's title search into a property, describing the current ownership rights in the property, as well as the actions that must be taken to make the stated ownership rights marketable. trespass: entering another person's property without permission of the owner or his/her agent and without lawful authority (like that given to a health inspector) and causing any damage, no matter how slight.

trust: an entity created to hold assets for the benefit of certain persons or entities (beneficiaries), with a trustee managing the trust (and often holding title on behalf of the trust). Most trusts are founded by the persons (called trustors, settlors and/or donors) who execute a written declaration of trust which establishes the trust and spells out the terms and conditions upon which it will be conducted.

undivided share/interest: title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. Such interests are typical between joint tenants, tenants in common and tenants by the entirety.

warranty deed: A deed that purports to convey property free and clear of all encumbrances, except those noted in the instrument, and usually contains covenants or warranties of seisin, quiet enjoyment, right to convey, freedom from encumbrances, future assurances, and defense of title against all claims.

will: a written document which leaves the estate of the person who signed the will to named persons or entities (beneficiaries, legatees, divisees).

zoning: State or local law that controls the use of private land for the protection of the health, safety, morals, and welfare of its citizens but requires compensation if it goes so far as to effect a taking of the property.

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